Nano Dimension Announces Q1/2024 Preliminary Results - “Reshaping Nano” Initiative Improves Cashflow Dramatically
04 Abril 2024 - 9:30AM
Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension” or the
“Company”), a leading supplier of Additively Manufactured
Electronics (“AME”) and multi-dimensional polymer, metal &
ceramic Additive Manufacturing (“AM”) 3D printing
solutions, today announced a preview of its financial
results on a preliminary basis for the first quarter ended March
31st, 2024.
Nano Dimension reported unaudited approximated
consolidated revenues of $13.2 million for Q1/2024, which
demonstrates strong sales in what industry peers have often
categorized as a challenged macro environment.
The Company also highlighted a significant
reduction in utilization of its cash reserves in Q1/2024 to an
average of $2.4 million per month during the quarter. This is a
decrease of 75% from the same period in 2023. The positive change
reflects Nano Dimension’s Reshaping Nano Initiative (the
“Initiative”), which was originally announced in Q4/2023. The
Initiative, which harnesses the synergies of the Company’s M&A
to date, is focused on making the Company operating income positive
in 2025. As a step in this journey, the Company announced a 2024
target of 75-80% reduction of cash burn from 2023. The dramatic
reduction in cash burn during Q1/2024 proves Nano Dimension is on
its way to meeting this target.
The net cash burn is calculated from the
Company’s change in cash and non-restricted deposits as a result of
operating and capital equipment purchase activities, net of the
Company’s capital allocation for share repurchase plan.
The above information reflects preliminary
estimates with respect to certain results of Nano Dimension for the
first quarter ended March 31, 2024, based on currently available
information. The actual first quarter results may vary from the
preliminary estimates.
Yoav Stern, Chief Executive Officer and member
of the Board of Directors of Nano Dimension, stated: “Two important
indicators of our business are conveyed. First, our go-to-market
efforts continue to deliver. Second, and arguably more importantly,
the reduction in our net cash burn indicates how our financial
discipline is coming to fruition. The latter point will ultimately
further enable us to be a leader in our industry with unrivaled
capital to support our multipronged strategy via-a-vis M&A,
R&D, and go-to-market investments. In parallel, I am a bit
discontent with the top-line. While it is traditionally weakest
quarter of the year, it was still few percent below our budget.
Yet, while the top-line is important, it is our positioning to
deliver to the bottom-line that should become an increasing focus
for our shareholders. We acknowledge a paradigm shift in the market
expectations in comparison to the “top lines” and inflated
valuations euphorias of the SPAC period of 2021-2023.”
About Nano Dimension
Nano Dimension’s (Nasdaq: NNDM) vision is to
transform existing electronics and mechanical manufacturing into
Industry 4.0 environmentally friendly & economically efficient
precision additive electronics and manufacturing – by delivering
solutions that convert digital designs to electronic or mechanical
devices – on demand, anytime, anywhere.
Nano Dimension’s strategy is driven by the
application of deep learning based AI to drive improvements in
manufacturing capabilities by using self-learning &
self-improving systems, along with the management of a distributed
manufacturing network via the cloud.
Nano Dimension has served over 2,000 customers
across vertical target markets such as aerospace and defense,
advanced automotive, high-tech industrial, specialty medical
technology, R&D and academia. The Company designs and makes
Additive Electronics and Additive Manufacturing 3D printing
machines and consumable materials. Additive Electronics are
manufacturing machines that enable the design and development of
High-Performance-Electronic-Devices (Hi-PED®s). Additive
Manufacturing includes manufacturing solutions for production of
metal, ceramic, and specialty polymers-based applications –
from millimeters to several centimeters in size with micron
precision.
Through the integration of its portfolio of
products, Nano Dimension is offering the advantages of rapid
prototyping, high-mix-low-volume production, IP security, minimal
environmental footprint, and design-for-manufacturing capabilities,
which is all unleashed with the limitless possibilities of additive
manufacturing.
For more information, please visit
www.nano-di.com.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. Because such statements deal with
future events and are based on Nano Dimension’s current
expectations, they are subject to various risks and uncertainties,
and actual results, performance or achievements of Nano Dimension
could differ materially from those described in or implied by the
statements in this press release. For example, Nano Dimension is
using forward-looking statements when it discusses its financial
projections; its expected 2024 cash burn; its business outlook and
new opportunities; the expected benefits from the Initiative,
including becoming operating income positive in 2025, the continued
delivery of its go-to-market efforts; and that its financial
discipline is coming to fruition, which will ultimately further
enable it to be a leader in its industry with unrivaled capital to
support its multipronged strategy. The forward-looking statements
contained or implied in this press release are subject to other
risks and uncertainties, including those discussed under the
heading “Risk Factors” in Nano Dimension’s Annual Report on Form
20-F filed with the Securities and Exchange Commission (“SEC”) on
March 21, 2024, and in any subsequent filings with the SEC. Except
as otherwise required by law, Nano Dimension undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Nano Dimension
is not responsible for the contents of third-party websites.
NANO DIMENSION INVESTOR RELATIONS
CONTACTInvestor Relations | ir@nano-di.com
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